Bitcoin Rises Slightly as Fed Rate Cut Bets Build — Market Talk
Bitcoin rises slightly following gains in U.S. stocks overnight after U.S. data supported expectations for another interest-rate cut by the Federal Reserve in December. Data on retail sales, core wholesale prices, consumer confidence and weekly private payrolls came in soft. Rate-cut expectations were also boosted by a Bloomberg report that White House National Economic Council Director Kevin Hassett is the frontrunner to become the next Fed chair. He is seen favoring lower rates. Bitcoin rises 0.9% to $87,837, LSEG data show. It reached a seven-month low of $80,553 on Friday. The cryptocurrency has struggled to rise meaningfully since consolidating from the record high of $126,223 in early October. ([email protected])